Chilean salmon-farming firm Multi X posted consolidated net profits of USD 2.1 million (EUR 1.8 million) in the third quarter of 2025, which were down 63.5 percent compared to profits of USD 5.9 million (EUR 5.1 million) recorded in Q3 2024.
In a release, the company called its results “solid,” however, when considering the complex global scenario in the three-month period, which was marked by lower international salmon prices and tariffs imposed by the U.S. Regarding the former issue, Multi X said oversupply, mainly from Norwegian firms, led to the lowest international prices for salmon since the beginning of 2021.
Nevertheless, while strengthening commercial relations in its main markets, the company achieved prices that were 10.7 percent higher than average market prices.
According to the firm’s Q3 results report, Multi X’s revenues came in at USD 188 million (EUR 162 million) in the period, which were relatively flat compared to the same period a year ago. Operational costs totaled USD 175 million (EUR 151 million), which also remained relatively unchanged from the year-ago period, as did EBITDA, which came in at USD 12.7 million (EUR 10.9 million).
It was fair value adjustments of USD 3.5 million (EUR 3 million) for Q3, compared to USD 12.8 million (EUR 11 million) for the same quarter last year, that made the largest difference on the firm’s bottom line.
Average harvest weights for Multi X reached 5.48 kilograms whole fish equivalent (WFE) in Q3, which marked a 10.9 percent increase year over year and the highest average quarterly weight of the last five years. The firm’s total Atlantic salmon harvest volume amounted to 26,086 metric tons (MT) WFE, which was up 2.3 percent and kept the company on track for its guidance of a total 2025 harvest of 115,000 to 120,000 MT WFE.
Ex-farm costs in the period fell to USD 4.51 (EUR 3.88) per kilo WFE – the lowest in two years, driven by cost-saving initiatives, production improvements, and a reduction in feed prices.
One such cost-saving initiative has been the firm’s Humboldt Project – aimed at optimizing Multi X’s entire value chain. The firm revealed that to date, it has seen total savings of USD 65.8 million (EUR 56.6 million) since the project’s implementation in mid-2024, far outpacing its initial estimated savings of USD 49.5 million (EUR 42.6 million).
“We have overcome the challenges of previous periods and have resumed production levels aligned with the goals defined for this year,” Multi X CEO Cristián Swett said in a release, alluding to a difficult 2024, in which the company posted USD 3.6 million (EUR 3.1 million) in net losses. “This performance reflects the commitment and coordinated work of our teams, which allows us to project a positive and sustained year-end.”
